Patrick Industries (NASDAQ:PATK) Shares Gap Down – Should You Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price gapped down prior to trading on Friday . The stock had previously closed at $133.02, but opened at $128.38. Patrick Industries shares last traded at $128.2760, with a volume of 5,180 shares.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PATK. KeyCorp reaffirmed an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Patrick Industries in a research report on Friday, January 16th. Roth Mkm set a $115.00 target price on Patrick Industries and gave the company a “buy” rating in a research note on Friday, October 31st. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research report on Friday, October 31st. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Benchmark restated a “buy” rating and set a $140.00 price objective (up from $115.00) on shares of Patrick Industries in a research note on Friday, January 16th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.13.

Patrick Industries Stock Performance

The company has a market cap of $4.27 billion, a P/E ratio of 36.65, a PEG ratio of 1.34 and a beta of 1.34. The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. The company has a 50 day moving average price of $112.65 and a 200-day moving average price of $107.23.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.06. The business had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.80 earnings per share. Equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.5%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is 53.71%.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares of the company’s stock, valued at $34,688,715. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth $25,000. Salomon & Ludwin LLC bought a new position in Patrick Industries during the third quarter valued at about $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the third quarter worth about $31,000. Farther Finance Advisors LLC raised its position in Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after acquiring an additional 223 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.